The impact of the trade and financial openness on the economic growth in the countries from the Eastern Europe

The impact of trade and financial openness can be measured by the sensitivity of the first moment of the economic growth. Taking into account the domestic conditions, this paper provides an empirical evaluation of the impact of globalization on the economic growth in the Eastern Europe. The data set includes a sample of 9 countries from the Eastern Europe, which are member states of the EU. This paper investigates the possibility of a non-monotonic relationship between the trade/financial openness and the economic growth. The analysis of non-linearity is done by allowing the effects of trade/financial integration to vary with the general level of economic development. The econometric models used in the analysis are the dynamic panel data models: the “Difference” GMM (Arellano-Bond (1991)) and the “System” GMM (Arellano-Bover(1995)/Blundell-Bond(1998)). These models are designed for a dynamic persistent panel data with few time periods and many individuals, with endogenous regressors, with fixed effect, with heteroskedasticity and auto-correlation within cross-sections. The main conclusions of this paper are that trade openness has a significant positive impact on the economic growth while the impact of the financial integration is a negative one. This analysis reveals a strong non-linearity of the impact of trade openness on the economic growth. The non-linearity of the financial openness impact on the economic growth couldn’t be deduced.financial openness, economic growth

Dissociations and interactions between time, numerosity and space processing

This study investigated time, numerosity and space processing in a patient (CB) with a right hemisphere lesion. We tested whether these magnitude dimensions share a common magnitude system or whether they are processed by dimension-specific magnitude systems. Five experimental tasks were used: Tasks 1–3 assessed time and numerosity independently and time and numerosity jointly. Tasks 4 and 5 investigated space processing independently and space and numbers jointly. Patient CB was impaired at estimating time and at discriminating between temporal intervals, his errors being underestimations. In contrast, his ability to process numbers and space was normal. A unidirectional interaction between numbers and time was found in both the patient and the control subjects. Strikingly, small numbers were perceived as lasting shorter and large numbers as lasting longer. In contrast, number processing was not affected by time, i.e. short durations did not result in perceiving fewer numbers and long durations in perceiving more numbers. Numbers and space also interacted, with small numbers answered faster when presented on the left side of space, and the reverse for large numbers. Our results demonstrate that time processing can be selectively impaired. This suggests that mechanisms specific for time processing may be partially independent from those involved in processing numbers and space. However, the interaction between numbers and time and between numbers and space also suggests that although independent, there maybe some overlap between time, numbers and space. These data suggest a partly shared mechanism between time, numbers and space which may be involved in magnitude processing or may be recruited to perform cognitive operations on magnitude dimensions